1. Summary Information

		Country	India
Company Name	AFCONS INFRASTRUCTURE LIMITED	Principal Name 1	Mr. Cyrus Pallonji Mistry
Status	Good	Principal Name 2	Mr. Pallonji Shapoorji Mistry
		Registration #	11-19335
Street Address	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra
Established Date	22.11.1976	SIC Code	--
Telephone#	91-22-26731107	Business Style 1	Engaged in the business of all kinds of Construction Jobs
Fax #	91-22-26730047	Business Style 2	--
Homepage	http://www.afcons.com	Product Name 1	Jetty
# of employees	7000 (Approximately)	Product Name 2	Bridges
Paid up capital	Rs.4,217,005,000/-	Product Name 3	Foundations
Shareholders	Bodies corporate (96.50%), Directors or relatives of Directors (0.39%), Other top fifty shareholders (3.11%)	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	36 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Hazarat Company Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	8,650,944,000	Current Liabilities	5,392,593,000
Inventories	6,453,266,000	Long-term Liabilities	6,803,907,000
Fixed Assets	4,178,922,000	Other Liabilities	658,193,000
Deferred Assets	0,000	Total Liabilities	12,854,693,000
Invest& other Assets	235,904,000	Retained Earnings	2,445,948,000
		Net Worth	6,664,343,000
Total Assets	19,519,036,000	Total Liab. & Equity	19,519,036,000
Total Assets (Previous Year)	15,264,445,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	11,410,641,000	Net Profit	586,822,000
Total Income (Previous yr)	15,102,797,000	Net Profit(Prev.yr)	363,598,000

MIRA INFORM REPORT

Report Date :

23.04.2012

IDENTIFICATION DETAILS

Name :	AFCONS INFRASTRUCTURE LIMITED (w.e.f. August 1996)
Formerly Known As :	ASIA FOUNDATIONS AND CONSTRUCTIONS LIMITED
Registered Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.11.1976
Com. Reg. No.:	11-19335
Capital Investment / Paid-up Capital :	Rs.4217.005 Millions
CIN No.: [Company Identification No.]	U45200MH1976PLC019335
TAN No.: [Tax Deduction & Collection Account No.]	MUMA09981G MUMA19369A MUMA20959B
PAN No.: [Permanent Account No.]	AAACA9067G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects.
No. of Employees :	7000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 27000000
Status :	Good
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26731107 / 26367091 / 7093 / 66773100 Ext 138 / 66773214 / 66773241/ 67191000
Fax No.:	91-22-26730047/ 26730026/ 26369052 / 26315910 / 26731031 / 26730027/ 26367093
E-Mail :	asia.afcons@gems.vsnl.net.in rajendran@afcons.com bd@afcons.com
Website :	http://www.afcons.com
Location	Owned
Other Offices :	Located At : Domestic Offices · New Delhi · Chennai · Kolkata · Nagpur International Offices · U.A.E. · Muscat · Mauritius · Madagascar

DIRECTORS

As on 29.09.2011

Name :

Mr. Cyrus Pallonji Mistry

Designation :

Chairman cum Managing Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.07.1968

Date of Appointment :

26.04.2000

Din No.:

00010178

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	16/01/1990	16/01/1990	26/10/2009	Active	NO
2	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	27/03/1991	21/03/2012	Active	NO
3	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	3/07/1991	3/07/1991	27/11/2009	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/04/1994	4/04/1994	14/12/2009	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	28/01/2008	Active	NO
6	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	8/12/2011	Active	NO
8	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U27203MH1995PTC095322	SP ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	11/03/1996	11/03/1996	16/11/2010	Active	NO
11	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	8/12/2011	Active	NO
12	U72200MH1999PTC122642	BUILDBAZAAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	12/11/1999	12/11/1999	25/11/2011	Active	NO
13	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	4/12/1999	4/12/1999	29/01/2008	Active	NO
14	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	26/04/2000	31/03/2012	Active	NO
15	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	23/06/2003	23/06/2003	9/12/2011	Active	NO
16	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31/07/2006	19/08/2005	15/12/2009	Active	NO
17	U99999MH1917PLC000478	TATA SONS LIMITED	Managing director	1/04/2012	10/08/2006	-	Active	NO
18	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	7/07/2008	Active	NO
19	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10/02/2007	10/02/2007	-	Active	NO
20	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	4/09/2008	3/04/2008	20/03/2012	Active	NO
21	U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	Director	17/11/2008	17/11/2008	17/11/2011	Active	NO
22	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Additional director	29/11/2011	29/11/2011	-	Active	NO
23	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Additional director	23/12/2011	23/12/2011	-	Active	NO
24	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Additional director	24/02/2012	24/02/2012	-	Active	NO

Name :

Mr. Pallonji Shapoorji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.06.1929

Date of Appointment :

26.04.2000

Din No.:

00046121

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	16/01/1950	16/01/1950	6/02/2012	Active	NO
2	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	25/05/1951	25/05/1951	6/02/2012	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	31/03/2007	7/04/1956	2/02/2012	Active	NO
4	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	20/11/1963	20/11/1963	6/02/2012	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	3/01/1995	3/01/1995	6/02/2012	Active	NO
6	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	28/03/1996	28/03/1996	6/02/2012	Active	NO
7	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	6/02/2012	Active	NO
8	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	26/04/2000	26/04/2000	6/02/2012	Active	NO
9	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	20/02/2002	20/02/2002	21/02/2012	Active	NO
10	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31/07/2006	19/08/2005	6/02/2012	Active	NO
11	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	17/01/2007	6/02/2012	Active	NO

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

06.09.1964

Date of Appointment :

26.04.2000

Din No.:

00010114

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	16/03/1983	16/03/1983	10/11/2011	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21/07/1986	21/07/1986	11/03/2009	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	22/04/1987	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/04/1994	4/04/1994	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	4/12/1999	4/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	3/09/2001	3/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19/08/2006	19/08/2006	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	20/12/2006	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28/09/2007	28/09/2007	18/12/2008	Active	NO
22	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	6/07/2010	6/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER AND ENERGY LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. Narendra Jamnadas Jhaveri

Designation :

Director

Address :

C-42, Samprat Residency, Opposite Parivar Society, Premchand Nagar Road, Bodekdev – Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

09.08.1935

Date of Appointment :

22.03.1996

Din No.:

00198912

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203WB1938PLC009515	INDIAN ALUMINIUM COMPANY LIMITED	Director	26/10/1991	26/10/1991	-	Amalgamated	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	29/03/1996	29/03/1996	28/07/2010	Active	NO
4	L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
5	U67120MH1995PLC095642	NATIONAL SECURITIES DEPOSITORY LIMITED	Director	18/10/1996	18/10/1996	9/08/2007	Active	NO
6	L29308MH1954PLC009371	VOLTAS LIMITED	Director	10/08/1998	10/08/1998	9/08/2010	Active	NO
7	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	10/02/2000	10/02/2000	5/03/2011	Active	NO
8	L28920MH1957PLC010839	SIEMENS LIMITED	Director	9/11/2000	9/11/2000	-	Active	NO
9	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Director	13/06/2001	13/06/2001	-	Active	NO
10	U99999MH1986PLC093854	SIEMENS TECHNOLOGY AND SERVICES PRIVATE LIMITED	Director	1/04/2005	1/04/2005	26/09/2009	Active	NO
11	L21011WB1936PLC008726	STAR PAPER MILLS LIMITED	Director	30/05/2005	30/05/2005	22/05/2007	Active	NO
12	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	28/09/2006	1/10/2005	2/02/2009	Active	NO
13	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
14	U85110KA1999PTC024701	MANIPAL HEALTH SYSTEMS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	8/03/2008	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	20/07/2007	16/10/2006	4/04/2012	Active	NO
16	L85910GJ1974PLC002595	SIEMENS HEALTHCARE DIAGNOSTICS LIMITED	Additional director	30/04/2007	30/04/2007	-	Amalgamated	NO
17	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	2/09/2008	29/06/2007	-	Active	NO
18	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	12/09/2007	21/07/2007	-	Active	NO
19	U65923GJ1990PLC013966	GVFL LIMITED	Director	23/09/2008	6/12/2007	-	Active	NO
20	U67110AP1993PLC052266	EDELWEISS SECURITIES LIMITED	Director	10/07/2008	14/01/2008	-	Active	NO
21	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

502, Sterling Tower, Horichandra Goregaonkar Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

27.09.2007

Din No.:

00004945

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1979PTC021128	S C IMPEX PRIVATE LIMITED	Director	30/07/1984	30/07/1984	10/12/2007	Active	NO
2	U61790MH1985PTC035376	SILVER STREAK INVESTMENT PRIVATE LIMITED	Director	16/02/1985	16/02/1985	21/06/2011	Active	NO
3	U65990MH1985PTC035404	BLUE ARROW FINANCE CO PRIVATE LIMITED	Director	19/02/1985	19/02/1985	16/06/2011	Active	NO
4	U74999MH1985PTC037814	SHAPOORJI DATA PROCESSING PRIVATE LIMITED	Director	2/05/1986	2/05/1986	10/12/2007	Active	NO
5	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	1/09/1986	1/09/1986	-	Active	NO
6	U65990MH1979PTC021790	S P FINANCE PRIVATE LIMITED	Director	20/01/1987	20/01/1987	-	Active	NO
7	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	22/04/1987	22/04/1987	1/04/2011	Active	NO
8	U65990MH1979PTC021792	FINVESTCO INVESTMENTS PRIVATE LIMITED	Director	15/03/1989	15/03/1989	-	Amalgamated	NO
9	U65990MH1989PTC051347	DAY STAR TRADING PRIVATE LIMITED	Director	12/04/1989	12/04/1989	7/05/2008	Active	NO
10	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	13/04/1989	13/04/1989	13/06/2011	Active	NO
11	U51900MH1979PTC020924	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO
12	U67130MH1989PTC051192	HEMINISHI INVESTMENT PRIVATE LIMITED	Director	12/06/1989	12/06/1989	-	Amalgamated	NO
13	U74999MH1993PTC071499	ADVANCE TECH ENERGY ADDITIVES PRIVATE LIMITED	Director	15/04/1993	15/04/1993	-	Active	NO
14	U55200MH1993PTC072856	SHAPOORJI HOTELS PRIVATE LIMITED	Director	14/07/1993	14/07/1993	14/06/2011	Active	NO
15	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/07/1994	4/07/1994	27/06/2011	Active	NO
16	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	21/12/1994	21/12/1994	-	Active	NO
17	U67120MH1995PTC084748	ADARO SECURITIES PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
18	U99999MH1995PTC085899	STERLING GENERATORS PRIVATE LIMITED	Director	24/02/1995	24/02/1995	-	Active	NO
19	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	28/02/1995	28/02/1995	10/12/2007	Active	NO
20	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	26/06/1996	26/06/1996	10/12/2007	Active	NO
21	U25192MH1993PTC072591	S P FABRICATORS PRIVATE LIMITED	Director	12/12/1996	12/12/1996	15/04/2011	Active	NO
22	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	17/02/1998	17/02/1998	10/12/2007	Amalgamated	NO
23	U70101MH1998FTC114830	FAERY ESTATES PRIVATE LIMITED	Director	24/05/2007	8/05/1998	30/04/2008	Active	NO
24	U70100MH1995PLC092856	JOYOUS HOUSING LIMITED	Director	17/08/1998	17/08/1998	26/01/2009	Active	NO
25	U70100MH1998PTC114764	GRAND VIEW ESTATES PRIVATE LIMITED	Director	15/06/1999	15/06/1999	5/05/2008	Active	NO
26	U70200MH1995PTC084751	PALCHIN REAL ESTATES PRIVATE LIMITED	Director	24/01/2000	24/01/2000	10/12/2007	Active	NO
27	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PVT LTD	Director	20/06/2000	20/06/2000	-	Active	NO
28	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	1/12/2008	18/10/2000	-	Active	NO
29	U28920MH1979PTC021425	CYRUS ENGINEERS PRIVATE LIMITED	Director	26/12/2000	26/12/2000	10/12/2007	Active	NO
30	U67120MH1979PTC021592	S C FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	3/09/2002	3/09/2002	-	Active	NO
31	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	5/09/2002	5/09/2002	16/06/2011	Active	NO
32	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
33	U65990MH1979PTC021791	CRYSTAL INVESTMENT COMPANY PRIVATE LIMITED	Director	16/04/2003	16/04/2003	-	Active	NO
34	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	17/04/2003	17/04/2003	30/05/2008	Active	NO
35	U92490MH2003PTC139673	DHAN GAMING SOLUTION (INDIA) PRIVATE LIMITED	Director	21/06/2004	21/06/2004	24/02/2009	Active	NO
36	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	15/06/2011	Active	NO
37	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	26/08/2005	26/08/2005	10/11/2008	Active	NO
38	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	16/12/2005	16/12/2005	30/04/2008	Active	NO
39	U70100MH2005PTC158264	WINDWARD BUILDERS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	30/04/2008	Active	NO
40	U45200MH2005PTC158340	FLOORAISE DEVELOPERS PRIVATE LIMITED	Director	27/12/2005	27/12/2005	25/08/2008	Active	NO
41	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	3/02/2006	3/02/2006	-	Active	NO
42	U45200MH2006PTC160662	MANJRI DEVELOPERS PRIVATE LIMITED	Director	23/03/2006	23/03/2006	10/12/2007	Active	NO
43	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	22/12/2006	-	Active	NO

Name :

Mr. Bhagwan Dass Narang

Designation :

Director

Address :

Flat No. 29, (GF) Pocket – F, DDA. APP. SFC. Scheme, Shaikh Sarai, Phase – I, Delhi – 110 017, India

Date of Birth/Age :

12.04.1945

Date of Appointment :

27.09.2007

Din No.:

00038052

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
2	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	29/12/2006	30/05/2006	-	Active	NO
3	U27102DL2005PLC139741	IST STEEL AND POWER LIMITED	Director	30/09/2006	30/09/2006	1/04/2011	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	2/02/2007	6/01/2007	-	Active	NO
5	L45205TN1995PLC030231	VA TECH WABAG LIMITED	Director	7/09/2009	7/06/2007	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	29/06/2007	-	Active	NO
7	U22121DL2001PLC159705	AMAR UJALA PUBLICATIONS LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
8	U67120AP1995PLC019877	KARVY STOCK BROKING LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
9	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director appointed in casual vacancy	29/09/2008	29/09/2008	-	Active	NO
10	U67110DL1996PLC079973	DSE FINANCIAL SERVICES LIMITED	Nominee director	12/11/2009	12/11/2009	-	Active	NO
11	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	29/09/2010	30/01/2010	-	Active	NO
12	U74900MH2009PTC193065	MULTIPLES EQUITY FUND TRUSTEE PRIVATE LIMITED	Director	31/08/2010	6/07/2010	-	Active	NO
13	U85110TZ1987PTC017564	POTENTIAL SEMAC CONSULTANTS PRIVATE LIMITED	Director	27/08/2011	4/10/2010	-	Active	NO
14	U51909WB1987PLC097552	FAIRDEAL SUPPLIES LIMITED	Additional director	25/10/2010	25/10/2010	1/04/2011	Active	NO
15	U99999DL1978PTC008855	ARVIND TECHNO ENGINEERS PRIVATE LIMITED	Director	21/09/2011	29/08/2011	-	Active	NO
16	U74899DL2003PLC120173	MAYAR HEALTH RESORTS LIMITED	Additional director	5/11/2011	5/11/2011	-	Active	NO

Name :

Mr. Ramunni Menon Premkumar

Designation :

Director

Address :

101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

16.08.1945

Date of Appointment :

27.09.2007

Din No.:

00328942

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1966PLC013459	SICOM LIMITED	Nominee director	1/04/2011	31/03/2006	-	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	29/06/2007	-	Active	NO
3	L72900MH1989PLC131521	FINE-LINE CIRCUITS LIMITED	Director	25/08/2007	30/06/2007	-	Active	NO
4	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	15/07/2008	15/10/2007	-	Active	NO
5	U28113MH2004PTC149620	RAMA CYLINDERS PRIVATE LIMITED	Director	31/07/2008	29/04/2008	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LIMITED	Nominee director	30/06/2008	30/06/2008	23/01/2009	Active	NO
7	U40109MH2005SGC153646	MAHARASHTRA STATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	30/12/2009	3/12/2008	11/06/2010	Active	NO
8	U51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Nominee director	10/08/2009	10/08/2009	-	Active	NO
9	U40102DL2008PTC177307	NTPC BHEL POWER PROJECTS PRIVATE LIMITED	Nominee director	27/09/2010	25/08/2010	-	Active	NO
10	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	30/09/2011	14/10/2010	-	Active	NO
11	U74120MH2011PTC220546	SUMER ENERGY PRIVATE LIMITED	Director	4/08/2011	4/08/2011	22/03/2012	Active	NO

Name :

Mr. Abhimanyu Hemendra Divanji

Designation :

Director

Address :

51, Le Repos, Perry Cross Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

20.11.1928

Date of Appointment :

27.03.2002

Din No.:

00051508

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	28/08/1981	28/08/1981	-	Active	NO
2	U74999MH1982PTC028701	HAZARAT AND COMPANY PRIVATE LIMITED	Director	28/07/1983	28/07/1983	-	Active	NO
3	U11101MH1984PTC032807	AFCONS OFFSHORE AND MARINE SERVICES PRIVATE LIMITED	Director	2/05/1984	2/05/1984	17/06/2009	Active	NO
4	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	18/07/1985	18/07/1985	-	Active	NO
5	U45200MH1987PTC045580	KIER AFCONS (INDIA) PRIVATE LIMITED	Director	14/12/1987	14/12/1987	-	Dissolved	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO

Name :

Mr. Pradip Narotam Kapadia

Designation :

Director

Address :

Govind Building, 140, Princess Street, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

30.09.1951

Date of Appointment :

30.09.2008

Din No.:

00078673

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65910GJ1979PTC003314	SUMANGLA INVESTMENTS PRIVATE LIMITED	Director	17/05/1984	17/05/1984	-	Active	NO
2	U74300MH1979PTC021542	HTA MARKETING SERVICES PRIVATE LIMITED	Director	30/06/1984	30/06/1984	-	Active	NO
3	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
4	U17114GJ1995PLC027397	MAFATLAL DENIM LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
5	U99999MH1938PTC002771	HINDUSTAN THOMPSON ASSOCIATES PRIVATE LIMITED	Director	22/06/2007	23/08/2006	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	28/11/2006	-	Active	NO
7	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	25/09/2009	12/09/2008	-	Active	NO
8	U67190MH2008PTC181421	C3 ADVISORS PRIVATE LIMITED	Director	23/09/2009	24/11/2008	-	Active	NO

Name :

Mr. Naushir Dara Khurody

Designation :

Director

Address :

12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

26.10.1936

Date of Appointment :

30.09.2008

Din No.:

00007150

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74100MH1977PTC019472	KHURODY TECHNICAL SERVICES PRIVATE LIMITED	Director	8/04/1983	8/04/1983	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
3	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24/09/2001	24/09/2001	-	Amalgamated	NO
4	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	22/10/2001	22/10/2001	-	Amalgamated	NO
5	L29308MH1954PLC009371	VOLTAS LIMITED	Director	28/01/2002	28/01/2002	16/08/2011	Active	NO
6	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	7/02/2002	7/02/2002	1/09/2008	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	17/03/2004	17/03/2004	-	Active	NO
8	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	22/06/2009	Active	NO
9	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	4/02/2005	4/02/2005	8/04/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23/01/2006	23/01/2006	1/10/2011	Active	NO
11	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	22/12/2006	-	Active	NO
12	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	29/08/2007	17/04/2007	-	Active	NO
13	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
14	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	26/09/2008	26/09/2008	-	Amalgamated	NO
15	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	9/09/2009	8/10/2008	-	Active	NO
16	U93090MH2009PTC191515	MILESTONE RELIGARE INVESTMENT ADVISORS PRIVATE LIMITED	Director	20/05/2010	8/04/2009	-	Active	NO

Name :

Mr. Krishnamurthy Subrahmanian

Designation :

Managing Director

Address :

611, Wing C, Evening Star, Raheja Vihar, Andheri (West), Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

03.06.1958

Date of Appointment :

15.11.2002

Din No.:

00047592

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	1/07/2011	15/11/2002	-	Active	NO
2	U35110GJ2008PLC054507	SIMAR PORT LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO

Name :

Mr. Paramasivan Srinivasan

Designation :

Whole Time Director

Address :

Venus Flat No. 85, Versova Venus Housing Society, Plot No. 6, R D P 2, SVP Nagar, Versova, Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

10.06.2002

Din No.:

00058445

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74210MH1971PLC015196	FOURESS ENGINEERING(INDIA)LIMITED	Director	26/10/1998	26/10/1998	2/01/2012	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Whole-time director	1/07/2011	10/06/2002	-	Active	NO
3	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
4	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
5	L25100MH1965PLC013379	THE RUBBER PRODUCTS LIMITED	Director	11/09/2008	28/05/2008	2/11/2011	Active	NO

KEY EXECUTIVES

Name :	R P Rajendran
Designation :	Secretary
Address :	206, Ganga Darshan, J. P. Road, Versova, Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	08.09.1952
Date of Appointment :	01.10.1991
PAN No.:	AAHPR6302D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Bodies corporate	96.50
Directors or relatives of Directors	0.39
Other top fifty shareholders	3.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects.

GENERAL INFORMATION

No. of Employees :

7000 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, NGN Vaidya Marg, Horniman Circle, Fort, Mumbai – 400 023, Maharashtra, India

· Oriental Bank of Commerce, Corporate Ground Finance Branch, Maker Tower “E”, 18^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· HDFC Bank, Sandoz House Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· UCO Bank

· Axis Bank Limited

· Bank of India

· Dena Bank

· BNP Paribas

· ING Vysya Bank Limited

· ICICI Bank Limited

· Union Bank of India

· IDBI Bank Limited

· Standard Chartered Bank

· Yes Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans banks secured	131.000	0.000
Working capital loans banks secured	2647.044	1324.920
Loans taken for vehicles secured	610.914	1039.516
Total	3388.958	2364.436
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	750.000	725.000
Rupee term loans others unsecured	1155.949	1414.207
Other debt unsecured	1509.000	884.000
Total	3414.949	3023.207

Financial Institute :	Chennai Metro Rail Limited, No. 7, “Harini Towers”, Conran Smith Road, Gopalapuram, Chennai – 600086, Tamilnadu, India
Banking Relations :	--
Auditor 1 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India
PAN.:	AACFD4815A
Auditor 2 :
Name :	J. C. Bhatt Chartered Accountants
Address :	3^rd Floor, Surya Mahal, Burjorji Bharucha Marg, Fort, Mumbai – 400 020, Maharashtra, India
PAN.:	AABPB4478L
Holding Company :	Shapoorji Pallonji and Company Limited (w.e.f. 6th July, 2010) U45200MH1943PLC003812
Subsidiaries :	· Hazarat Company Private Limited CIN No.: U74999MH1982PTC028701 · Afcons Corrosion Protection Private Limited (formerly known as SSS Electricals (India) Private Limited) CIN No.: U28920MH1985PTC036876 · Afcons Offshore and Marine Services Private Limited CIN No.: U11101MH1984PTC032807 · Afcons Construction Mideast LLC · Afcons Infrastructure International Limited (AIIL) · Afcons Madagascar Overseas SARL (Subsidiary of AIIL) · Afcons Gulf International Project Services FZE (Subsidiary of AIIL) · Afcons Gunanusa Joint Venture ( Jointly Controlled Entity) · Transtonnelstroy Afcons Joint Venture ( Jointly Controlled Entity) · Dahej Standby Jetty Project undertaking (Jointly Controlled Entity w.e.f. 13th May, 2010)
Fellow Subsidiaries :	· Sterling Investments Corporation Private Limited · Floreat Investments Limited · Cyrus Investments Limited
Associates :	Afcons (Mideast) Construction and Investments Private Limited
Partnership firm in which the Company is a partner :	Afcons Pauling Joint Venture
Jointly Controlled Entities :	· Strabag AG Afcons Joint Venture · Saipem Afcons Joint Venture

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs.3500.000 Millions
650000000	Non Cumulative and Non Profit Participatory Convertible shares and Fully and Compulsorily Convertible on Cumulative Non Participatory Preference shares	Rs.10/- each	Rs.6500.000 Millions
	TOTAL		Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71839500	Equity Shares	Rs.10/- each	Rs.718.395 Millions
350000000		Rs.10/- each	Rs.3500.000 Millions
	TOTAL		Rs.4218.395 Millions

Notes:

(A) Of the above Equity Shares :-(a)200,000 Shares of Rs.10 each have been issued as Fully paid up for Consideration other than Cash.(b)3,500,000 Shares of Rs.10 each are issued as Fully Paid up Bonus Shares by Capitalization of Rs.35.000 Millions out of General Reserve.(c)48,165,838 (Previous year Nil) Shares are held by Shapoorji Pallonji and Company Limited (SPCL) (Holding Company) **(d)Nil (Previous Year 24,079,669) Shares are held by Cyrus Investments Limited (CIL) **(e)Nil (Previous year 24,075,389) shares are held by Sterling Investment Corporation Private Limited (SICPL) **(f)13,015,929 shares are held by Floreat Investments Limited (FIL), a subsidiary of SPCL.(g)4,016,250 shares are held by Renaissance Commerce Private Limited, a subsidiary of Shapoorji Pallonji Infrastructure Capital Company Limited (SPICCL), which is a subsidiary of SPCL.(h)4,016,250 shares are held by Hermes Commerce Limited, a subsidiary of Shapoorji Pallonji Infrastructure Capital Company Limited (SPICCL), which is a subsidiary of SPCL.(i)20,000,000 shares allotted to SICPL, a subsidiary of SPCL on 22-12-06 pursuant 'to conversion of 7.5% Redeemable 'Non-cumulative convertible Preference Shares into equity shares at par.(j)439,468 (Previous year 300,514) shares have been issued under ESOP scheme 2006.**The above shareholding takes into account the effect of the Composite Scheme of Arrangement between SPCL, CIL and SICPL which has been approved by the High Court of Mumbai. Under the terms of the Scheme as approved, the shares of the Company held by SICPL and CIL are vested in SPCL w.e.f. the appointed date viz 01-04-2008. However, the actual transfer of the shares held by CIL and SICPL in favour of SPCL has been done in October 2010.

(B) Out of the above 350,000,000 Preference Shares 100,000,000, 0.1% Non Cumulative and Non Profit Particpatory Convertible Preference Shares of Rs. 10 each and 250,000,000, 0.1% Fully and Compulsorily Convertible Non-Cumulative, Non Participatory Preference Shares of Rs. 10 each.2The 0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares of Rs.10 each are held by Floreat Investments Limited, a subsidiary of SPCL on the following terms: (a)The Preference Shares shall be non- cumulative and non profit participating convertible Preference Shares carrying a fixed rate of dividend of 0.01% per annum to be paid in priority to the holders of any other class of shares.(b)The Preference Shares shall be deemed to be converted into common equity shares of the Company at a price of Rs. 68.25 per equity share (consisting of par of Rs. 10 and a premium of Rs. 58.25) immediately, automatically and without any further act of the parties in the event of conversion of the Preference Shares mentioned in note 3 (b) below.3The 0.01% Fully and Compulsorily Convertible Non-Cumulative, Non Participatory Preference shares of Rs. 10 each are held by India Infrastructure AIL (Mauritius) Limited on the following terms:(a)Non-cumulative preferential dividend at a fixed rate of 0.01 per cent per annum to be paid in priority to the holders of any other class of shares;(b)The Preference Shares will be mandatorily converted in to equity shares at a price to be ascertained at the relevant point of time if Initial Public Offering (IPO) happens between 18-36 months from the date of issue viz. 14th Jan 2008 or any time thereafter but before 14th Jan 2013.(c)The Preference Shares shall rank senior to all types of shares issued or to be issued by the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4218.395	4217.005	4214.044
2] Share Application Money		0.000	0.018	0.000
3] Reserves & Surplus		2445.948	1866.300	1509.577
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6664.343	6083.323	5723.621
LOAN FUNDS
1] Secured Loans		3388.958	2364.436	3192.368
2] Unsecured Loans		3414.949	3023.207	3712.772
TOTAL BORROWING		6803.907	5387.643	6905.140
DEFERRED TAX LIABILITIES		576.042	443.664	434.561
TOTAL		14044.292	11914.630	13063.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4178.922	3712.188	3813.541
Capital work-in-progress		206.228	168.145	197.762
INVESTMENT		29.676	29.516	32.445
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6453.266	6741.632	1765.607
	Sundry Debtors	4435.382	3508.890	3290.631
	Cash & Bank Balances	1570.583	173.491	121.254
	Other Current Assets	0.000	0.000	7030.355
	Loans & Advances	2644.979	930.583	1173.952
Total Current Assets		15104.210	11354.596	13381.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1711.870	1873.302	3505.129
	Other Current Liabilities	3680.723	1360.599	739.741
	Provisions	82.151	115.914	135.423
Total Current Liabilities		5474.744	3349.815	4380.293
Net Current Assets		9629.466	8004.781	9001.506
MISCELLANEOUS EXPENSES		0.000	0.000	18.068
TOTAL		14044.292	11914.630	13063.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	10021.315	14586.080	20106.529
		Other Income	1389.326	516.717	396.125
		TOTAL (A)	11410.641	15102.797	20502.654
Less	EXPENSES
		Contract Cost	6128.604	9575.794	15062.025
		Employee related expenses	1697.112	1739.777	1960.736
		Administrative selling other expenses	1647.954	2115.736	1484.753
		TOTAL (B)	9473.670	13431.307	18507.514
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1936.971	1671.490	1995.140
Less	FINANCIAL EXPENSES (D)		724.200	789.523	948.143
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1212.771	881.967	1046.997
Less/ Add	DEPRECIATION/ AMORTISATION (F)		324.312	322.136	296.166
	PROFIT BEFORE TAX (E-F) (G)		888.459	559.831	750.831
Less	TAX (H)		301.637	196.233	257.305
	PROFIT AFTER TAX (G-H) (I)		586.822	363.598	493.526
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1103.099	739.910	248.043
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	1.250
		Proposed Dividend on Preference Shares	0.407	0.350	0.350
		Tax on Dividend		0.059	0.059
	BALANCE CARRIED TO THE B/S		1689.514	1103.099	739.910
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3692.900	3735.690	1930.537
	TOTAL EARNINGS		3692.900	3735.690	1930.537
	IMPORTS
		Capital Goods	340.216	110.650	406.557
		Consumables	71.689	124.106	202.151
	TOTAL IMPORTS		411.905	234.756	608.708
	Earnings Per Share (Rs.)
	Basic		8.18	5.08	6.91
	Diluted		1.74	1.08	1.47

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.14	2.41	2.41
Net Profit Margin (PBT/Sales)	(%)	8.87	3.82	3.73
Return on Total Assets (PBT/Total Assets}	(%)	4.61	3.72	4.37
Return on Investment (ROI) (PBT/Networth)		0.13	0.92	0.13
Debt Equity Ratio (Total Liability/Networth)		1.84	1.44	1.97
Current Ratio (Current Asset/Current Liability)		2.76	3.39	3.06

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS

During the year, the Company has performed well as can be reflected from the financial results above. The Total Income, PBT, EBIDTA and PAT has grown by 24.56%, 19.60%,7.87% and 22.04% respectively.

The Order book as on 31st March 2011 was Rs.81742.800 Millions as compared to the previous year order book of Rs.57537.700 Millions. Presently the share of the overseas contract is 10.83% of the order book.

During the year, the following major works were completed:

1. Relocation of 220 MW Floating Power Plant from Mangalore to Kakinada for GMR Energy Limited, Bangalore

2. Bait Al Barakah Maritime facilities for guarding restricted area in Oman for Royal Court Affairs, Oman

3. Site Grading Work at Kochi LNG Terminal, Puthuuvypeen, Kerala, for Petronet LNG Limited

4. Improvement for Outer Ring Road from IIT gate to NH-8 Intersection, New Delhi for Public Works Department, New Delhi

During the year, the Company has secured the following major contracts:

1. Rehabilitation, strengthening and four laning of Jammu Udhampur section from Km 15.00 (on Jammu Bypass) to Km 67.00 on NH 1A in the State of Jammu and Kashmir for SP Jammu Udhampur Highway Private Limited for Rs.15980.000 Millions.

2. Design and Construction of container berth (625 m length) at Hazira for Adani Hazira Port Private Limited Rs.970.000 Millions.

3. Civil and erection works forming part of DSO phase of Iron Ore Mining in Liberia for SNC-Lavalin and Arcelor Mittal for US$ 55 millions equivalent to Rs.2500.000 Millions.

4. EPC Marine facilities for standby jetty at Dahej LNG Terminal, Gujarat for LNG Petronet for Rs.5331.600 Millions in Joint Venture with Pt. Gunanusa Utama Fabricators, Indonesia.

5. UG Package 1 Design and construction of underground stations at Washermanpet, Mannadi, High court, Chennai Central and Egmore and associated tunnels for Chennai Metro Rail Limited for Rs.15668.100 Millions in Joint Venture with Transtonnelstroy Limited, Russia.

6. UG Package 5 Design and construction of underground stations at Shenoy Nagar, Anna Nagar East, Anna Nagar Tower and Thirumangalam and associated tunnels for Chennai Metro Rail Limited for Rs.10309.900 Millions in Joint Venture with Transtonnelstroy Limited, Russia. Drivage of two punch entries aligning from RG OC II High Wall to No.1 seam of Adriyala Shaft block at Adriyala Shaft Project for Singareni Collieries Limited Rs.211.800 Millions.

Awards and Recognitions

The Company has been awarded Infrastructure Excellence Award 2011 for the Best Infrastructure Project in Railways at third edition of the ESSAR Steel Infrastructure Excellence Awards in association with CNBC TV18 jointly initiated by Essar Steel and E18 at New Delhi on 19^th April 2011 .This award was for the construction of the Indias longest rail bridge of 4.6km connecting International Container Transshipment Terminal at Vallarpadam, Kochi with Idapally in North Kochi for the Client Rail Vikas Nigam Limited.

During the year, the Company has also received following award from Client expressing their satisfaction on successful completion of the project in time and with good quality.

Grade Separator at Mukarba Chowk Project Site at Delhi has been given the Award for Excellence for the project of under the Category – Best projects completed during 2009-10 by client Central Public Works Department on 12th July 2010. LNG Tank Site at Kochi has be awarded 5 Million Safe Man-hours Achievement Trophy from the Client M/s. IHI Corporation, Japan on 30^th December 2010.

Koldam Hydo Electricity Power Project site at Himachal Pradesh won a safety certificate and award for a good performance in the field of Safety and House Keeping by the Client NTPC Limited on 15th August 2010. In recognition of our export performance, Government of India has recently upgraded our status to Trading House.

All these proud achievements are the result of the hard work put in by the entire team of the Company.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In millions)
Claims against the Company not acknowledged as debts a) Differences with sub-contractors in regard to rates and quantity of materials. b) Labour and other matters. The above claims are pending before various authorities. The Company is confident that the cases will be successfully contested	42.033 0.100	68.666 0.100
a) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures. b) Corporate Guarantees given on behalf of Subsidiaries and Joint Ventures.	13063.498 7159.984	7079.139 7112.714
Sales tax and Extra tax Represents demands raised by Sales Tax Authorities in matters of disallowance of labour and service charges, consumables etc. for which appeal is pending before various appellate authorities. The Company is confident that the cases will be successfully contested.	192.455	192.982
Excise Duty Represents demands raised by Central Excise Department for Excitability of girders. The Company is confident that the cases will be successfully contested.	14.502	132.287
Service Tax Represents demand confirmed by the Asst. Commissioner of Service Tax for disallowance of Cenvat Credit, since abatement claimed. The Company has appealed against the said order with Commissioner of Service Tax Mumbai and is confident that Cenvat Credit will be allowed as it is project specific and abatement has not been availed on the same.	0.284	0.284
Income Tax Represents notices u/s 201(1) and 201(1A) received from Income Tax Dept in respect of Non compliance of TDS. Company has filed Appeals before the Appellate Authority and management is confident that the outcome of the appeals will be decided in companys favor and the demand raised will be set aside.	91.358	---

FIXED ASSETS

· Land – Freehold

· Land – Leasehold

· Buildings

· Plant and Machinery

· Leasehold Improvements

· Floating Equipments etc.

· Laboratory Equipments

· Office Equipments

· Furniture and Fixtures

· Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.68.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.